Investment Rating - The investment rating for the company is "Buy" and is maintained [10]. Core Views - The company achieved a revenue of 3.263 billion yuan in 2024, representing a year-on-year increase of 49.94%, and a net profit attributable to shareholders of 460 million yuan, up 272.47% year-on-year [2][6]. - In the first quarter of 2025, the company reported a revenue of 995 million yuan, a year-on-year increase of 52.25% and a quarter-on-quarter increase of 25.88%, with a net profit of 191 million yuan, reflecting a year-on-year increase of 590.22% and a quarter-on-quarter increase of 11.18% [2][6]. - The upward trend in the market, combined with the continuous introduction and ramp-up of SoC for smartwatches and wristbands, supports the company's sustained performance [2][8]. Summary by Sections Financial Performance - In 2024, the company achieved a gross margin of 34.71%, an increase of 0.52 percentage points year-on-year, and a net profit margin of 14.1% [8]. - The revenue from smartwatch and wristband chips reached 1.045 billion yuan, a significant year-on-year increase of 116%, with total shipments exceeding 40 million units [8]. - The company’s Bluetooth audio and smartwatch/wristband chip revenues accounted for 62% and 32% of total revenue, respectively [8]. Growth Prospects - The company is positioned for long-term growth due to its R&D-driven platform strategy, with R&D expenses of 617 million yuan in 2024, representing 18.92% of revenue [8]. - The BES2800 series products are noted for their advantages in low latency, high bandwidth, and low power consumption, applicable across various devices [8]. - Forecasted net profits for 2025-2027 are 950 million, 1.464 billion, and 2.038 billion yuan, respectively, with corresponding EPS of 7.91, 12.19, and 16.98 yuan [8].

战略数据研究丨深度报告 [Table_Title] 近期市场关注的几个资金面问题：平准基金、 增持回购及南下资金流入特征 %% %% %% %% research.95579.com 1 丨证券研究报告丨 报告要点 [Table_Summary] 2025 年 4 月 7 日以来，随着中美关税博弈，市场波动加剧，本篇从资金面出发，围绕近期市 场较为关注的几个资金面问题展开详细讨论，核心回答：1、"类平准基金"的推出：中央汇金 增持情况如何？以日本为例，海外平准基金如何运作？2、上市公司增持回购密集推进，回购 VS 分红是否能带来持续投资机会。3、南下资金定价权的渗透情况，今年外资 VS 南下，港股 配置上有何分歧？ 分析师及联系人 [Table_Author] 陈洁敏 SAC：S0490518120005 SFC：BUT348 请阅读最后评级说明和重要声明 2 / 25 %% %% %% %% research.95579.com ◆ 中央汇金到底增持了多少？ 截至 2024 年 12 月 31 日，中央汇金持有的 ETF 总市值达到 1.05 万亿元，较 2024 年 6 月 30 日（约 5,842 亿元 ...

丨证券研究报告丨 联合研究丨公司点评丨赛恩斯（688480.SH） [Table_Title] 赛恩斯： 2024A/2025Q1 扣非业绩同比增 55%/10%，业务结构显著优化 报告要点 [Table_Summary] 2024A 公司实现归母净利润 1.81 亿元，同比增长 100%；扣非归母净利润 1.16 亿元，同比增 长 54.7%。2025Q1 实现扣非归母净利润 0.17 亿元，同比增长 10.1%。公司业务结构优化，运 营类收入占比提升，持续经营能力增强。龙立化学产能爬坡、铼酸铵项目有望带来增量。 分析师及联系人 [Table_Author] 徐科 王鹤涛 王筱茜 李博文 SAC：S0490517090001 SAC：S0490512070002 SAC：S0490519080004 SAC：S0490524080004 SFC：BUV415 SFC：BQT626 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 赛恩斯（688480.SH） cjzqdt11111 [Table_Title 赛恩斯： 2024A/2025Q1 2] 扣非业绩同比 ...

分析师及联系人 丨证券研究报告丨 固定收益丨点评报告 [Table_Title] MLF 加量续作，资金价格下行——流动性和 机构行为周度观察 报告要点 [Table_Summary] 2025 年 4 月 21 日-4 月 25 日，央行净投放资金，资金利率整体下行；政府债净融资规模下降； 同业存单净融资规模提升，同业存单到期收益率小幅上行；银行间债券市场杠杆率稳定于偏低 水平，国有大行及政策行净融出规模略有上升。2025 年 4 月 28 日-5 月 4 日政府债预计净融资 1211 亿元。 [Table_Author] 赵增辉 马月 SAC：S0490524080003 SAC：S0490125010043 SFC：BVN394 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 [Table_Title MLF 加量续作，资金价格下行——流动性和机 2] 构行为周度观察 [Table_Summary2] 资金面 资金利率先上后下，整体延续偏宽松表现。2025 年 4 月 21 日-4 月 25 日，DR001、R001 平 均值分别为 1.65%和 1.67 ...

丨证券研究报告丨 公司研究丨点评报告丨澳华内镜（688212.SH） [Table_Title] 业绩符合预期，看好海外持续高增长 报告要点 [Table_Summary] 2024 年业绩符合预期，2024 年公司收入为 7.50 亿元，同比增长 10.54%；国内市场受行业影 响增长放缓，国内市场收入为 5.86 亿元，同比增长 3.93%，主要是由于国内终端市场招采活动 减少，受招投标总额下降影响。海外营销网络进一步扩张，2024 年公司海外收入为 1.61 亿元， 同比增长 42.70%，毛利率持续提升至 58.15%；主要是由于 2024 年海外多个国家的产品准入 以及市场推广进展顺利，全方位提高了品牌影响力。 分析师及联系人 [Table_Author] 彭英骐 徐晓欣 SAC：S0490524030005 SAC：S0490522120001 SFC：BUZ392 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 澳华内镜（688212.SH） cjzqdt11111 [Table_Title2] 业绩符合预期，看好海外持续高增长 事件评论 风险提示 ...

[Table_Summary] 2025Q1，公司实现营业收入 1.05 亿元，同比下降 1.6%，实现扣非归母净利润 0.13 亿元，同 比增长 34.46%。远期来看，公司仍为景区板块中组织治理最优、成长逻辑最顺公司。 新项目 维度，未来三年溧阳"根据地"将以"零星增量完善功能+动物王国重磅项目落地"为主线，同 时异地扩张上有望取得突破，在地方国资扶持下成长为全国性休闲旅游龙头。预计 2025-2027 年公司归母净利润分别为 1.26/1.44/1.61 亿元，对应 PE 分别为 26X/23X/20X，维持"买入" 评级。 分析师及联系人 [Table_Author] 丨证券研究报告丨 公司研究丨点评报告丨天目湖（603136.SH） [Table_Title] 2024 年年报暨 2025 年一季报点评：新老项目 稳步推进，2025 年业绩韧性复苏 报告要点 赵刚 杨会强 马健轩 SAC：S0490517020001 SAC：S0490520080013 SFC：BUX176 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 天目湖（603136.SH） ...

丨证券研究报告丨 公司研究丨点评报告丨五芳斋（603237.SH） [Table_Title] 五芳斋 2024 年报点评：业绩符合预期，关注新 渠道拓展 报告要点 [Table_Summary] 公司 2024 年营业总收入 22.51 亿元（同比-14.57%，下文皆为同比）；归母净利润 1.42 亿元（- 14.24%），扣非净利润 1.3 亿元（-9.66%）。其中 2024Q4 营业总收入 2.03 亿元（-7.61%）； 归母净利润-6828.93 万元（+9.64%），扣非净利润-6939.77 万元（+19.99%）。 分析师及联系人 [Table_Author] 董思远 范晨昊 SAC：S0490517070016 SAC：S0490519100003 SFC：BQK487 $${\mathrm{iii}}\{8\}{\mathrm{iii}}\{8\}{\mathrm{iii}}\{8\}{\mathrm{iii}}\{8\}{\mathrm{iii}}\{8\}{\mathrm{iii}}\{8\}$$ %% %% %% %% research.95579.com 1 五芳斋（60323 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Insights - The company reported a total revenue of 14.667 billion yuan in 2024, representing a year-on-year increase of 3.2%. The net profit attributable to the parent company was 1.056 billion yuan, up 63.74% year-on-year, while the net profit excluding non-recurring items reached 1.041 billion yuan, reflecting a 108.03% increase year-on-year [2][6]. - In Q4 2024, the company achieved a total revenue of 1.821 billion yuan, a year-on-year increase of 1.32%. However, the net profit attributable to the parent company was a loss of 0.232 billion yuan, with a net profit excluding non-recurring items also showing a loss of 0.221 billion yuan, indicating a reduction in losses [2][6]. - The company expects to continue its high-quality development trajectory, with confidence in achieving new highs in revenue and profit for 2025 [12]. Summary by Sections Financial Performance - In 2024, the company's total revenue was 14.667 billion yuan, with a gross profit margin of 41%. The operating profit was 1.609 billion yuan, accounting for 11% of total revenue [18]. - The company’s net profit margin improved to 7.2%, an increase of 2.7 percentage points year-on-year [12]. Sales and Market Dynamics - The company sold 4 million kiloliters in 2024, a year-on-year increase of 1.6%. The U8 product line saw a significant sales increase of 31.4% year-on-year [12]. - Revenue growth varied by region, with North China and East China showing increases of 5.4% and 9.8% respectively, while Northwest China experienced a decline of 12.5% [12]. Cost Management and Efficiency - The company successfully reduced its cost per ton by 6.6% year-on-year, leading to an overall improvement in gross profit margin by 3.1 percentage points to 40.7% [12]. - The company streamlined its workforce, reducing the number of employees by 1,440, which contributed to a decrease in overall expense ratios [12]. Future Outlook - The company is optimistic about its performance in 2025, projecting earnings per share (EPS) of 0.51 yuan, 0.58 yuan, and 0.65 yuan for 2025, 2026, and 2027 respectively, with corresponding price-to-earnings (PE) ratios of 25X, 22X, and 19X [12].

Investment Rating - The investment rating for the company is "Buy" and is maintained [9] Core Views - The company achieved a total revenue of 174.144 billion yuan in 2024, representing a year-on-year increase of 15.66%. The net profit attributable to shareholders was 86.228 billion yuan, up 15.38% year-on-year [2][6] - In Q4 2024, the total revenue was 51.022 billion yuan, with a year-on-year growth of 12.77%, and the net profit attributable to shareholders was 25.401 billion yuan, reflecting a year-on-year increase of 16.21% [2][6] - The revenue from Moutai liquor reached 145.928 billion yuan in 2024, growing by 15.28% year-on-year, while the revenue from series liquor was 24.684 billion yuan, up 19.65% year-on-year [11] - The company continues to maintain strong cash flow, with cash received from sales and services amounting to 182.645 billion yuan, a year-on-year increase of 11.57% [11] Summary by Sections Revenue Analysis - The revenue from direct sales was 74.843 billion yuan, increasing by 11.32% year-on-year, while wholesale revenue was 95.769 billion yuan, up 19.73% year-on-year. The direct sales channel accounted for 43.87% of total revenue, a decrease of 1.8% year-on-year [11] - The "i Moutai" digital marketing platform generated 20.024 billion yuan in revenue, down 10.51% year-on-year, likely due to the delisting of Moutai 1935 from the platform in Q4 2024 [11] Profitability - The net profit margin for 2024 was 49.52%, a slight decrease of 0.12 percentage points year-on-year, while the gross profit margin was 92.08%, down 0.04 percentage points year-on-year [11] - The company plans to maintain a cash dividend payout ratio of around 75% for 2024, in line with its previously disclosed dividend plan for 2024-2026 [11] Future Outlook - The company is expected to maintain strong growth, with projected EPS of 73.98 yuan and 80.40 yuan for 2025 and 2026, respectively, corresponding to PE ratios of 21 and 19 times [11]

丨证券研究报告丨 行业研究丨行业周报丨运输 [Table_Title] 客运量增长提速，油轮中东领涨 ——交运周专题 2025W17 报告要点 [Table_Summary] 出行链：国内客运量增长提速，票价跌幅收窄 海运：油轮中东领涨，集运持续阴跌 物流：蒙煤库存持续去化，大宗运价降幅收窄 分析师及联系人 [Table_Author] SFC：BQK468 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 韩轶超 赵超 鲁斯嘉 张银晗 胡俊文 SAC：S0490512020001 SAC：S0490520020001 SAC：S0490519060002 SAC：S0490520080027 SAC：S0490524120001 [Table_Title 客运量增长提速，油轮中东领涨 2] ——交运周专题 2025W17 [Table_Summary2] 出行链：国内客运量增长提速，票价跌幅收窄 4 月 25 日，本周国内客运量增长提速，七日移动平均同比增加 10%，主要由于去年同期广深 雷暴天气频发，导致国内客运量基数较低；国际客运量延续高增，七日移动平均同比 ...